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Operating and Reporting Segments (Tables)
 3 Months Ended
Feb. 28, 2025
Segment Reporting [Abstract]  
Disclosure Of Financial Information Relating To Company's Operations
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)February 28, 2025
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$2,283,928 188,833 15,030 28,981 2,516,772 
Restricted cash22,487 48,756 — — 71,243 
Receivables, net (1)1,063,934 426,410 43,264 — 1,533,608 
Inventory owned and consolidated inventory not owned13,608,716 — 643,214 — 14,251,930 
Deposits and pre-acquisition costs on real estate5,161,259 — 10,825 — 5,172,084 
Investments in unconsolidated entities (2)2,645,734 — 472,668 375,393 3,493,795 
Loans held-for-sale (3)— 1,835,897 — — 1,835,897 
Investments in equity securities (4)— — — 245,628 245,628 
Investments available-for-sale (5)— — — 40,401 40,401 
Loans held-for-investment, net— 52,674 — — 52,674 
Investments held-to-maturity— 134,369 — — 134,369 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,657,511 124,140 90,151 133,842 2,005,644 
Total assets$29,885,928 3,000,778 1,275,152 824,245 34,986,103 
Liabilities:
Senior notes and other debts payable, net$2,211,272 1,397,125 — — 3,608,397 
Liabilities related to consolidated inventory not owned3,037,085 — — — 3,037,085 
Accounts payable and other liabilities5,003,134 229,146 141,380 99,617 5,473,277 
Total liabilities$10,251,491 1,626,271 141,380 99,617 12,118,759 
(In thousands)November 30, 2024
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$4,662,643 175,382 30,948 40,691 4,909,664 
Restricted cash11,799 68,747 — — 80,546 
Receivables, net (1)1,053,211 545,752 53,595 — 1,652,558 
Inventory owned and consolidated inventory not owned19,719,551 — 592,879 — 20,312,430 
Deposits and pre-acquisition costs on real estate3,625,372 — 32,643 — 3,658,015 
Investments in unconsolidated entities1,344,836 — 503,303 379,435 2,227,574 
Loans held-for-sale (3)— 2,250,718 — — 2,250,718 
Investments in equity securities (4)— — — 347,810 347,810 
Investments available-for-sale (5)— — — 40,578 40,578 
Loans held-for-investment, net— 60,969 — — 60,969 
Investments held-to-maturity— 135,646 — — 135,646 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,734,698 89,637 93,450 86,430 2,004,215 
Total assets$35,594,469 3,516,550 1,306,818 894,944 41,312,781 
Liabilities:
Senior notes and other debt payable, net$2,258,283 1,930,956 — — 4,189,239 
Liabilities related to consolidated inventory not owned3,563,934 — — — 3,563,934 
Accounts payable and other liabilities5,040,992 209,752 181,883 105,756 5,538,383 
Total liabilities$10,863,209 2,140,708 181,883 105,756 13,291,556 
(1)Receivables, net for Financial Services are primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2025 and November 30, 2024, respectively.
(2)Investments in unconsolidated entities as of February 28, 2025 include the carrying value of 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion.
(3)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.
(4)Investments in equity securities include investments of $133.5 million and $143.0 million without readily available fair values as of February 28, 2025 and November 30, 2024, respectively.
(5)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.
Financial information relating to the Company’s segments was as follows:
Three Months Ended
(In thousands)February 28, 2025February 29, 2024
Revenues:
Homebuilding$7,283,870 6,930,991 
Financial Services 277,077 249,720 
Multifamily63,196 129,677 
Lennar Other7,402 2,542 
$7,631,545 7,312,930 
Earnings (loss) before income taxes:
Homebuilding$809,273 1,028,796 
Financial Services143,483 131,296 
Multifamily(23)(15,639)
Lennar Other(89,283)(39,548)
Corporate and Unallocated (1)(165,212)(174,119)
$698,238 930,786 
(1)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions.
The assets related to the Company’s Homebuilding segments were as follows:
(In thousands)February 28, 2025November 30, 2024
East$5,615,263 6,967,571 
Central4,415,791 5,567,451 
South Central4,214,025 4,238,587 
West 10,280,135 12,148,434 
Other2,938,045 1,729,407 
Corporate and Unallocated 2,422,669 4,943,019 
Total Homebuilding$29,885,928 35,594,469 
Financial information relating to the Company’s Homebuilding segments was as follows:
Three Months Ended
(In thousands)February 28, 2025February 29, 2024
Revenues
East$1,653,755 1,877,938 
Central1,560,008 1,441,314 
South Central1,166,828 1,071,786 
West 2,894,933 2,530,061 
Other8,346 9,892 
$7,283,870 6,930,991 
Operating earnings
East$222,622 376,909 
Central135,452 161,623 
South Central122,083 168,583 
West298,781 308,787 
Other30,335 12,894 
$809,273 1,028,796 
Schedule of Line of Credit Facilities
At February 28, 2025, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
Maximum Aggregate Commitment
(In thousands)Committed AmountUncommitted AmountTotal
Residential facilities maturing:
April 2025$250,000 250,000 500,000 
June 2025560,000 — 560,000 
August 2025325,000 325,000 650,000 
October 202550,000 100,000 150,000 
December 2026375,000 — 375,000 
Total residential facilities$1,560,000 675,000 2,235,000 
LMF commercial facilities maturing:
December 2025200,000 — 200,000 
January 2026100,000 — 100,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$2,535,000 
Borrowings and collateral under the facilities were as follows:
(In thousands)February 28, 2025November 30, 2024
Borrowings under the residential facilities$1,235,008 1,776,045 
Collateral under the residential facilities
1,286,848 1,837,833 
Borrowings under the LMF Commercial facilities
37,465 28,747 
The maximum available borrowings on the Credit Facility were as follows:
(In thousands)At February 28, 2025
Commitments - maturing in May 2027$225,000 
Commitments - maturing in November 20292,800,000 
Total commitments$3,025,000 
Accordion feature475,000 
Total maximum borrowings capacity$3,500,000 
The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)February 28, 2025November 30, 2024
Performance letters of credit$1,748,316 1,668,061 
Financial letters of credit924,248 745,578 
Surety bonds5,257,345 5,140,432 
Anticipated future costs primarily for site improvements related to performance surety bonds2,875,118 2,766,088 
Schedule of Loans Held for Sale
LMF Commercial originated commercial loans as follows:
Three Months Ended
(Dollars in thousands)February 28, 2025February 29, 2024
Originations (1)$127,965 140,825 
Sold94,887 26,950 
Securitizations42
(1)During both the three months ended February 28, 2025 and February 29, 2024, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Schedule of Commercial Mortgage-Backed Securities
Details related to Financial Services' CMBS were as follows:
(Dollars in thousands)February 28, 2025November 30, 2024
Carrying value$134,369 135,646 
Outstanding debt, net of debt issuance costs124,651 126,164 
Incurred interest rate3.4%3.4%
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities
February 28, 2025
Range
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
February 28, 2025November 30, 2024
Unobservable inputs:
Mortgage prepayment rate8%8%
Discount rate13%13%
Delinquency rate 14%12%
The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:
Three Months Ended
February 28, 2025February 29, 2024
Unobservable inputsRangeRange
Average selling price (1)$215,000—571,000178,000—197,000
Absorption rate per quarter (homes)5—710—13
Discount rate20%20%
(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the three months ended February 28, 2025 and February 29, 2024.
Unrealized Gain (Loss) on Investments The following is a detail of Lennar Other realized and unrealized losses from sales of shares and mark-to-market adjustments on the Company's technology investments:
Three Months Ended
(In thousands)February 28, 2025February 29, 2024
Blend Labs (BLND)$(3,737)2,936 
Hippo (HIPO)(12,890)16,449 
Opendoor (OPEN)(18,786)1,315 
SmartRent (SMRT)(4,483)(1,963)
Sonder (SOND)(19)51 
Sunnova (NOVA)(22,588)(23,925)
Lennar Other realized and unrealized losses from technology investments (1)$(62,503)(5,137)
(1)During the three months ended February 28, 2025, the Company realized a loss of $28.4 million on the sale of its shares in Blend Labs, SmartRent, Sonder and Sunnova and, as of February 28, 2025, has a small remaining interest in Sunnova.